Symphony LimitedQ1 FY27 Results & Financial Update
Symphony Limited: Q1 FY27 consolidated results and company financials – revenue ₹391.00 Cr, PAT ₹40.00 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Symphony Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Profit before tax was ₹50.00 Cr for the reported quarter. EPS was ₹5.77 for the reported quarter.
On a consolidated basis for June 2026, revenue stands at ₹378 crore, up by 8% YoY, EBITDA stands at ₹48 crore, up from ₹38 crore (up by 26%), while Consol PAT stands at ₹40 crore, down from ₹42 crore.
Adjusting for a ₹5 crore onetime non-cash expenditure in June 2026 and a ₹9 crore exceptional higher income in June 2025, apple-to-apple EBITDA is ₹53 crore versus ₹38 crore, and Consol PAT is ₹43 crore versus ₹35 crore (up by 23%).
Standalone revenue stands at ₹241 crore versus ₹229 crore with domestic India revenue growing by 15%, representing the second highest June quarter performance historically despite prior inventory overhang.
On a consolidated basis for June '26, revenue stands at ₹378 crore, up by 8% YoY, EBITDA stands at ₹48 crore up from ₹38 crore (up 26%), and Consol PAT stands at ₹40 crore down from ₹42 crore.
Adjusting for a ₹5 crore one-time non-cash expenditure in June '26 and a ₹9 crore exceptional higher income in June '25, apple-to-apple EBITDA is ₹53 crore versus ₹38 crore, and Consol PAT is ₹43 crore versus ₹35 crore (up 23%).
Domestic sales grew by 15% despite inventory overhang before summer, while overseas subsidiaries like Bonaire USA and GSK China posted robust revenue and profit growth that cushioned reduced exports and headwinds in IMPCO and CTPL.
01 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹391.00 Cr |
| Total income | ₹391.00 Cr |
| Profit before tax | ₹50.00 Cr |
| Profit after tax | ₹40.00 Cr |
| EPS | ₹5.77 |
02 · Why it moved
Why the quarter looked the way it did
What drove margins
The company has not taken price hikes in the household cooler segment yet, but has implemented 7% to 10% price hikes in other segments.
Due to elevated raw material costs (such as plastic) driven by geopolitical conflicts, management expects short-term margin pressure as price pass-throughs will be partial in anticipation of cost normalization.
03 · Demand, customers & order book
Where demand is coming from
All different segments of modern trade (including e-commerce, D2C, large format stores, and large regional stores) grew in excess of 100% in India, constituting in excess of one-third of top-line revenue.
Bonaire USA sells predominantly to major US home care retailers The Home Depot and Lowe's, with products shipped mostly from India and some from Mexico.
All different segments of modern trade grew in excess of 100%, constituting almost or in excess of 1/3rd of the top line in India, while general trade constitutes 60%-65%.
Demand for air coolers was somewhat patchy in Q1, particularly in North India and East India, due to uneven weather patterns.
04 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
Air coolers in the US are not viewed as poor-man alternatives but as portable, plug-and-play outdoor and garage cooling solutions or whole-house ducted systems well-suited for the dry Southwest climate.
Growth in the US was driven by major customers Home Depot and Lowe's, featuring rebranded Indian SKUs led by the 'Air Force' model and aided by a hot summer in the Southwest.
Beyond India Summer Products (BISP) accounted for ₹179 crore on a standalone TTM basis (23% of top line) and about 48% on a consolidated trailing 12 months basis, reflecting strategic diversification away from Indian summer dependency.
05 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Management reaffirmed that no additional capital will be deployed to the Australian business, keeping prior write-offs strictly in the past.
Management reaffirmed that there will be no further capital allocation to CTPL Australia, and past impairments and write-offs are completely behind them.
06 · Reported developments
What changed operationally
Gross margin percentage increased marginally to 49.8% despite headwinds, geopolitical situations, commodity price pressures, and inventory overhang from the bad summer of 2025.
Bonaire USA revenue grew by 35% with robust profitability driven by successful scale-up of new air cooler SKUs like the Air Force model, while GSK China revenue grew by 43% with operating leverage lifting profitability and achieving complete debt-free status.
BISP sales constituted about ₹560 crore on a consolidated basis in the trailing 12 months (almost 48%), reinforcing strategic derisking and diversification away from reliance on the Indian summer.
As of June 30, 2026 (season-end), channel and company-level inventory is completely normalized with no inventory overhang remaining.
Gross margin percentage increased marginally to 49.8% and EBITDA margin reached 12.6% despite commodity price pressure and inventory overhang from the bad summer of '25.
07 · Pressure points & risks
What is not going smoothly
Standalone exports from India declined mainly on account of geopolitical and shipping disruptions, with the Middle East remaining affected.
CTPL Australia revenue continues to soften, though management confirmed no further capital allocation will be made and impairment/write-offs are fully behind them from FY26.
IMPCO Mexico faced consecutive mild summers in 2025 and 2026, marking an unprecedented occurrence in over 30 years and impacting sales.
IMPCO Mexico and CTPL Australia remained relatively weak, with Mexico impacted by two consecutive mild summers and Australia continuing to soften.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Treasury stands at ₹345 crore versus ₹363 crore previously, after remitting approximately ₹225 crore to Australia to repay acquisition and working capital loans.
Standalone core capital employed is ₹73 crore (translating to an ROCE of 164% and return on net worth of 22%), while consolidated capital employed stands at ₹206 crore (ROCE of 67% and return on net worth of 18%) following FY26 impairments.
Treasury stands at ₹345 crore after remitting to Australia and repaying acquisition and working capital loans totaling approximately ₹225 crore.
Standalone core capital employed is ₹73 crore (ROCE of 164%, return on net worth of 22%), and consolidated capital employed stands at ₹206 crore (consolidated ROCE of 67%, return on net worth of 18%).
09 · Management call deep dive
What management said on the conference call
Operating takeaways
18 key pointsAir coolers in the US are not viewed as poor-man alternatives but as portable, plug-and-play outdoor and garage cooling solutions or whole-house ducted systems well-suited for the dry Southwest climate.
The Board of Directors announced an interim dividend of ₹1 per share on a face value of ₹2, resulting in a total payout of about ₹7 crore.
All different segments of modern trade (including e-commerce, D2C, large format stores, and large regional stores) grew in excess of 100% in India, constituting in excess of one-third of top-line revenue.
Bonaire USA sells predominantly to major US home care retailers The Home Depot and Lowe's, with products shipped mostly from India and some from Mexico.
Management reaffirmed that no additional capital will be deployed to the Australian business, keeping prior write-offs strictly in the past.
The company has not taken price hikes in the household cooler segment yet, but has implemented 7% to 10% price hikes in other segments.
Due to elevated raw material costs (such as plastic) driven by geopolitical conflicts, management expects short-term margin pressure as price pass-throughs will be partial in anticipation of cost normalization.
Treasury stands at ₹345 crore versus ₹363 crore previously, after remitting approximately ₹225 crore to Australia to repay acquisition and working capital loans.
Standalone core capital employed is ₹73 crore (translating to an ROCE of 164% and return on net worth of 22%), while consolidated capital employed stands at ₹206 crore (ROCE of 67% and return on net worth of 18%) following FY26 impairments.
Growth in the US was driven by major customers Home Depot and Lowe's, featuring rebranded Indian SKUs led by the 'Air Force' model and aided by a hot summer in the Southwest.
Beyond India Summer Products (BISP) accounted for ₹179 crore on a standalone TTM basis (23% of top line) and about 48% on a consolidated trailing 12 months basis, reflecting strategic diversification away from Indian summer dependency.
All different segments of modern trade grew in excess of 100%, constituting almost or in excess of 1/3rd of the top line in India, while general trade constitutes 60%-65%.
Demand for air coolers was somewhat patchy in Q1, particularly in North India and East India, due to uneven weather patterns.
Management reaffirmed that there will be no further capital allocation to CTPL Australia, and past impairments and write-offs are completely behind them.
The company has taken 7% to 10% price hikes in segments other than household coolers, with further hikes dependent on cost normalization and war durations.
With elevated raw material and plastic costs, management expects short-term margin pressure as they only partially pass on cost increases to the market.
Treasury stands at ₹345 crore after remitting to Australia and repaying acquisition and working capital loans totaling approximately ₹225 crore.
Standalone core capital employed is ₹73 crore (ROCE of 164%, return on net worth of 22%), and consolidated capital employed stands at ₹206 crore (consolidated ROCE of 67%, return on net worth of 18%).
Important analyst Q&A
6 key pointsNrupesh Shah clarified that modern trade profitability is almost comparable to traditional general trade channels.
Management provided June 2026 quarter figures for subsidiaries: Bonaire USA (revenue ₹36 cr, EBITDA ₹18 cr, PAT ₹17 cr); IMPCO Mexico (revenue ₹54 cr, EBITDA ₹3 cr, PAT ₹1 cr); GSK China (revenue ₹34 cr, EBITDA ₹6 cr, PAT ₹5 cr); and CTPL Australia (revenue ₹27 cr, EBITDA negative ₹4 cr).
Beyond India Summer Products (BISP) include large space ventilated air cooling, tabletop fans, and water heaters, with tabletop fans and water heaters expanding from top cities into modern retail and general trade channels.
Management noted that profitability in modern trade versus general trade is almost comparable, and digital channels including D2C are highly profitable and scalable.
Achal Bakeri explained that in the US, air coolers are not viewed as poor man's air conditioners but are bought as portable, plug-and-play alternatives for outdoor usage near pools, backyards, garages, or whole-house ducted cooling in dry conditions.
Q1FY27 subsidiary numbers in INR: Bonaire USA top line ₹36 crore, EBITDA ₹18 crore, PAT ₹17 crore; IMPCO Mexico top line ₹54 crore, EBITDA ₹3 crore, PAT ₹1 crore; GSK China top line ₹34 crore, EBITDA ₹6 crore, PAT ₹5 crore; CTPL Australia top line ₹27 crore, EBITDA negative ₹4 crore.
10 · Key Q&A
The quarter, answered directly
What is the clearest takeaway from Q1 FY27?
Profit before tax was ₹50.00 Cr for the reported quarter. EPS was ₹5.77 for the reported quarter.
What drove revenue or demand?
All different segments of modern trade (including e-commerce, D2C, large format stores, and large regional stores) grew in excess of 100% in India, constituting in excess of one-third of top-line revenue.
What mattered most for margins or profitability?
The company has not taken price hikes in the household cooler segment yet, but has implemented 7% to 10% price hikes in other segments.
What changed operationally beyond the headline numbers?
Management reaffirmed that no additional capital will be deployed to the Australian business, keeping prior write-offs strictly in the past.
What are the main pressure points disclosed for the quarter?
Standalone exports from India declined mainly on account of geopolitical and shipping disruptions, with the Middle East remaining affected.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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